The hidden costs associated with owning a home amount to an average $15,979 per year across the United States, further straining housing affordability, according to a statement from real estate marketplace Zillow released on Nov. 13.
Out of the $15,979, the largest cost is maintenance, which amounts to an average of $10,946 per year, the company said. Property taxes amount to $3,030, while insurance adds $2,003 to the yearly cost.
“Together, those costs have increased 4.7 percent in the past year, while household incomes rose just 3.8 percent. The squeeze is sharpest in expensive coastal metros, where hidden costs reach $24,381 in New York City, $22,781 in San Francisco, and $21,320 in Boston,” Zillow said….